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Sam Bankman-Fried bought into stakeholder capitalism and proved it to be a disastrous ideology

Tony Blair, Bill Clinton and Sam Bankman-Fried on stage at the Crypto Bahamas conference. source

By ZeroHedge News

While many analysts and economists will be talking for months about the epic fall of crypto exchange company FTX and its founder Sam Bankman-Fried, their focus will be mainly on the billions lost, the mismanagement of funds, the fraud inherent in yield farming and the alleged betrayal of investor trust.

This is a tale as old as time, and it is hardly surprising. However, what many in the mainstream miss are Fried’s ties to the World Economic Foundation, various global elitists, and his avid sermonizing of the principles of “effective altruism,” which are nearly identical to the of Klaus Schwab’s Stakeholder Capitalism Agenda.

The WEF lists FTX as a “partner” and corporate participant, meaning the company must meet the globalist organization’s standards for stakeholder capitalism, a socialist economic model that deconstructs the foundation of the free market Adam Smith and Milton Friedman.

Milton Friedman argued that the sole responsibility of business should be growth and profit (within the limits of the law) with shareholders in mind. The WEF insists that Friedman’s philosophy must be abandoned and that the job of elites and wealthy corporations is to use profits as a tool to manage society (the so-called “stakeholders”). In other words, business leaders should become cultural and political leaders who serve larger ideological goals, all of which are decidedly socialist/Marxist in origin.

Stakeholder capitalism becomes a way of tricking the public into investing their faith in corporate leadership because these companies are no longer simply “in it for the money” but for the survival of the world and the species, right? Businesses become saviors, not just mercantilists. This kind of blind faith allows people to take advantage to a great extent. It’s the same kind of faith that applied to kings and monarchies centuries ago, and it usually leads to various forms of feudalism.

In the WEF’s vision of the future, the average person “will own nothing, have no privacy, and be happy with it,” while corporate elites in collaboration with governments micromanage all production, all distribution, and all finance

An ongoing example of the early stages of this model is ESG, a credit system in which loans are granted to companies and individuals based on their ESG score, derived from their dedication to globalist causes. In the near future, if you do not promote the ideology of social justice and do not support the climate change claims of the establishment, you may not be able to get a loan from the bank for your business. You may not be able to get a mortgage loan for a new home. In fact, you might not even be allowed to have a bank account.

FTX and Fried relied heavily on investment firms such as Blackrock, which is an important component of the ESG spread. This may be why FTX regularly announced its devotion to social and climate justice projects, kept them in the good graces of the ESG overlords.

A key component of stakeholder capitalism is the need for a digital currency framework, which could explain the WEF’s interest in FTX as a partner. The move to a cashless society is the next necessary step for micromanaging the economy and the ability to hand out rewards or punishments based on ESG score. It is an incremental, top-down implementation of a framework similar to China’s “social credit system.”

The concept is being sold by the WEF and its corporate partners as a way to create “equity” within the economy by incentivizing the redistribution of wealth from the very rich to the very poor and for “humanitarian causes”. It uses access to the banking apparatus and the economy itself like a carrot or a stick. Really, it is the ultimate form of centralization and control presented as a charitable movement for the greater good. But without the freedom to succeed and the freedom to fail, there can be no greater good.

Evidence is mounting that the equity measures involved in stakeholder capitalism will erase rather than create wealth. It would certainly make most people economically equal: instead of being equally rich, we will all suffer in the same poverty.

The fall of FTX and Sam Blankman-Fried illustrates this problem clearly. Fried consistently espoused the pie-in-the-sky ideals of stakeholder capitalism, engaging in a sort of corporate charity based on socialist guidelines and climate worship while draining client accounts.

FTX’s profit strategy was initially based on taking advantage of imbalances in international crypto exchange rates; a limited window for a quick cash grab rather than an idea of ​​long-term viability. It was also based on the crypto market constantly reinventing the wheel with new branding and marketing to increase demand for technology that most people around the world don’t really need or particularly want.

Fried suggests that his intention was to expand capital as a means of giving it to left-wing causes. He gave more than $40 million to Democratic campaigns, for example. The problem was that he failed in business while giving away his clients’ money at the same time. Some people argue that his clients are partly to blame for the losses, but Fried explicitly stated that his company would not use client funds in this way. He lied to them, which is not a great characteristic of a supposed humanitarian.

Being 30 years old and naive certainly didn’t help, but Fried is a perfect example of why corporate leaders have no business in social engineering. They are not skilled enough or intelligent enough or benevolent enough to shape society at large; no one is as wise or experienced. Beyond that, the ideology of stakeholder capitalism is rooted in socialist nonsense, making FTX a company based on socialist nonsense.

The model is designed to inevitably reduce most people’s standard of living over time rather than improve it. Fried just showed us how and why.

FTX is a petri dish for the disease of stakeholder capitalism. In the end, FTX and Fried are a warning to all that business should be separated from politics and cultural moderation. Better to focus on making money and increasing productivity and innovation; Companies that cannot fail should not be supported as pillars of social cohesion. This is the true way to ensure human progress. Meanwhile, the rest of us are much better off without their “charitable” help and oversight.

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Published on November 12, 2022

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